In addition to beating FQ3 estimates, CommVault (NASDAQ:CVLT) stated on its earnings call it considers Street FQ4 estimates to be "reasonable" - consensus is for revenue of $156.3M (+3.7% Y/Y) - and that it expects double-digit software revenue growth in FY17 (ends March '17). Consensus for total FY17 revenue growth is at 7.6%.

The storage backup/recovery software firm has made new 52-week lows. With concerns about weak enterprise storage demand continuing to weigh on shares, CommVault now trades for for just 2.3x an FY17 (ends March '17) sales consensus of $629.4M. The FY16 revenue growth consensus is -3.8%, and the FY17 consensus 7.7%.

The storage software vendor now has 10 board members, 8 of whom are declared to be independent - the others are chairman/CEO Robert Hammer and COO Alan Bunte. FQ2 results arrive on the morning of Oct. 27.